Diversification yields record year for EMCOR

Published
7:00 pm EST, Wednesday, February 25, 2009

NORWALK

Staff Report

Amid the economic downturn, EMCOR Group on Thursday reported results from its best year on record.

"The 2008 fourth quarter marked the culmination of the most successful year in our company's history," Frank T. MacInnis, chairman and CEO of EMCOR Group, said. "We significantly outperformed expectations as we continued to benefit from the steps we have taken to diversify our business across markets, services and geographies."

For the 2008 fourth quarter, EMCOR reported net income of $60.3 million an increase of 19.8 percent over net income of $50.3 million in the fourth quarter of 2007. In the 2008 fourth quarter, revenues were $1.68 billion compared to $1.77 billion in the fourth quarter of 2007.

For the 2008 full-year period, the Norwalk-based mechanical and electrical construction company, reported net income of $182.2 million, an increase of 43.7 percent over net income of $126.8 million in 2007. Revenues in the 2008 full-year period rose 14.5 percent.

"This quarter marks nearly 14 years of consistent profitability at EMCOR, a timeframe that has included several significant market down-cycles, and our performance underscores the ability of our business model to adapt to all economic circumstances," MacInnis said. "Going into the current down-cycle we are a larger, more balanced and more profitable company than ever before with a greater proportion of our business driven less by cyclical factors."

He added that EMCOR continues to have a strong balance sheet with substantial cash and no net debt.

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